This is What LINN Energy Needs to Buy Next

LINN Energy and LinnCo need to lower the production decline rate so that the company doesn’t have to spend so much money to maintain production. Focusing on becoming a leader in owning enhanced oil
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LINN Energy and LinnCo need to lower the production decline rate so that the company doesn’t have to spend so much money to maintain production. Focusing on becoming a leader in owning enhanced oil recovery projects, like Kinder Morgan Partners, will accomplish both objectives.

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15.
LINN Energy's MLP peers love EOR:
• Last June BreitBurn Energy Partners acquired an
EOR project in Oklahoma for $860 million.
• 35 million BOE of total reserves acquired.
• Reserve life index of approximately 13 years.
• Company expects 10 years of little to no decline in
production.

16.
LINN Energy's MLP peers love EOR:
• In May Memorial Production Partners acquired
an EOR project in Wyoming for $935 million.
• 89 million BOE of total reserves acquired.
• Reserve life index of approximately 39 years.
• Average annual decline rate of about 5%.

17.
LINN Energy's MLP peers love EOR:
• Also in May Atlas Resource Partners spent $420
million to acquire an EOR project in Colorado.
• 47 million BOE of total reserves acquired.
• Reserve to production ratio of 44 years.
• Average decline rate of 3-4% over the past 15
years.

18.
LINN Energy's MLP peers love EOR:
• Meanwhile, Kinder Morgan Energy Partners is a
leader in producing oil from carbon dioxide in
Texas.
• Largest transporter of carbon dioxide in the U.S.
• Plans to spend $2.1 billion on enhanced oil
recovery projects over the next five years to
increase production.
• Billions of barrels of oil still in place that can be
extracted through EOR.

19.
LINN Energy's MLP peers love EOR:
• Meanwhile, Kinder Morgan Energy Partners is a
leader in producing oil from carbon dioxide in
Texas.
• Largest transporter of carbon dioxide in the U.S.
• Plans to spend $2.1 billion on enhanced oil
recovery projects over next five years to increase
production.
• Billions of barrels of oil still in place that can be
extracted through EOR.

20.
LINN Energy's MLP peers love EOR:
• In addition to expanding its oil production,
Kinder Morgan Energy Partners is expanding its
carbon dioxide transportation capacity.
• Announced a billion dollar expansion project in
April.
• Followed that up with another $671 million
expansion project in May.
• These projects will enable Permian Basin
producers to add more EOR projects in the
region.

21.
• Meanwhile, Kinder Morgan Energy Partners is a
leader in producing oil from carbon dioxide in
Texas.
• Largest transporter of carbon dioxide in the U.S.
• Among the leading producers of oil from carbon
dioxide in Texas.
• Plans to spend $2.1 billion on enhanced oil
recovery projects over next five years to increase
production.
Goodman Point Photo credit: Kinder Morgan

22.
LINN Energy's MLP peers love EOR:
• Carbon Dioxide EOR are perfect for MLPs:
• Focus is on oil, which has higher margins than
natural gas.
• Ultra-low decline rates make it easier to keep
production stable.
• Requires less maintenance capital which improves
the distribution coverage ratio.
• Enhances America’s energy security as this is oil
that couldn’t be extracted through primary
production techniques.

23.
Good news…LINN Energy
is already gaining
experience in EOR
Company acquired a 23% joint venture interest in
the Salt Creek field from Anadarko Petroleum in
2012.

24.
LINN Energy is already
gaining experience in EOR
Company acquired a 23% joint venture interest in
the Salt Creek field from Anadarko Petroleum in
2012.